It will operate under the name of Tinkoff-Saxo in 2014, and Riis will become the team’s general manager.

Today’s announcement is somewhat surprising, given both parties issued press releases during the summer confirming that Tinkov’s backing of the team would cease to exist at the end of 2013. He was also negotiating with Cannondale about becoming a partner with the American squad.

However, speaking at Google’s central London offices today, Tinkov said: “It’s a win-win situation. I have my top team. I have Bjarne, the best sports director and I have Alberto [Contador] as the best rider. I am very happy.”

Tinkov and Contador’s relationship has not always been so amicable, and the Spaniard looked uncomfortable throughout the press conference.

During this year’s Tour de France, Tinkov tweeted that “his salary doesn’t match his performance. Too rich and isn’t hungry, that’s my opinion, and I deserve it. He must work harder [sic]”.

Insisting that Contador was one of the few riders who can beat Chris Froome next July, the Russian played down his previous comments.

He said: “Our relations are great. There is no problem. Why would we talk about our relations publicly? Everyone has opinions. Why shouldn’t I share them?

“Sometimes journalists take my Twitter too seriously. It’s not my official way of communicating. It’s my alter-ego, I’m making fun.

“I believe that the internet is for porn and Twitter for fun. It’s not serious. I’m just making people laugh.”

Riis is currently being investigated by Anti-Doping Denmark (ADD) for widespread sporting drug abuse in the Scandinavian country, but the disgraced 1996 Tour de France winner denied his decision to sell was triggered by this.